One of the largest producers of commercial vehicles in India, Mahindra has purchased the stakes of Navistar from the joint ventures, Mahindra Navistar Automotives Ltd and Mahindra Navistar Engines Pvt. Ltd. The purchase process was completed yesterday and with this, Mahindra gains the complete ownership of MNAL and MNEPL.
Dr. Pawan Goenka, President, Automotive and Farm Equipment Sectors, Mahindra & Mahindra Ltd spoke during the event saying,” Mahindra remains committed to growing its presence in the Indian commercial vehicle industry with Mahindra’s Truck and Engine businesses continuing to play a critical role in helping us achieve this goal.”
Mr. Troy Clarke, president and chief operating officer, Navistar said,” Mahindra has been a valuable partner these last seven years and they are well equipped to move the MNAL and MNEPL businesses forward as the Indian market continues to develop. We thank Mahindra for their collaboration and appreciate their support in our decision to redirect our resources to other near-term opportunities for Navistar.”
The US based commercial vehicle manufacturer, Navistar had revealed its intention to come out of the joint venture in December 2012. The company is aiming to concentrate on developing its core business in North America.